Trying to find a hotel room in New York City can be quite an ordeal. Depending on the time of the year and current occupancy rates, you can get a great deal on Priceline, but much of the time you are stuck trying to find anywhere remotably habitable and safe for under $150 a night.
I've found the Chelsea Savoy to be a good fallback in that situation. They tend to fill up early, so you have to make your reservations ahead of time. And definitely remember to get a confirmation number, since they save money by hiring non native English speakers as desk managers, who will do absolutely bizarre things to your name.
I made the mistake of poking fun at the particular bizarre rewording of my last name (Miller) that they came up with, and got stiffed by getting the noisiest room in the hotel. That is one downside to the hotel -- some of the rooms get a tremendous amount of street noise. I think in general, you want to be higher up and away from the front of the building. The other thing to keep in mind is that you won't have free internet access -- though you can always purchase internet access at a relatively affordable rate, about $7/day.
One other nice aspect to the hotel -- they have a completely edible Continental breakfast with great bagels, which can save you a chunk of change in New York. This hotel offers great value for the money, is clean, fairly new, and in a good location, and I recommend it.